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What Is a Bank Levy? A bank levy is a type of taxation system on financial institutions of the United Kingdom in which banks are forced to pay government taxes over and above any normal corporate taxes that they may incur due to the risks they pose to the larger economy. A bank levy also

What Is Banknet? Banknet is a global payments network operated by MasterCard that facilitates authorization of credit card transactions from almost any point in the world. Banknet is one of the world’s largest global telecommunications networks and links all MasterCard members and data processing centers into a single financial network. Key Takeaways Banknet is MasterCard’s

What Is a Banknote? A banknote is a negotiable promissory note which one party can use to pay another party a specific amount of money. A banknote is payable to the bearer on demand, and the amount payable is apparent on the face of the note. Banknotes are considered legal tender; along with coins, they

What Is a Bank of First Deposit (BOFD)? A bank of first deposit (BOFD) is a bank at which an individual first deposits a check into his or her account. If the issuer of the check likewise banks at the very same financial institution, clearing the check is known as an “on-us” item. If the

What Is the Bank of Japan (BOJ)? The Bank of Japan (BOJ) is headquartered in the Nihonbashi business district in Tokyo. The BOJ is the Japanese central bank, which is responsible for issuing and handling currency and treasury securities, implementing monetary policy, maintaining the stability of the Japanese financial system, and providing settling and clearing services. Like most central

What Is Bank-Owned Property? Bank-owned property, also known as real estate owned (REO) property, is a designation given to properties that were not sold during a foreclosure sale, and thus are added to that foreclosing bank’s inventory. Key Takeaways Bank-owned property, also known as real estate owned (REO) property, is a designation given to properties

What Is the Bankrate Monitor Index? The Bankrate Monitor Index is an index of money market interest rates paid on depository accounts at banks and credit unions in the United States. These accounts include checking, savings, money market, and CD accounts. In 1996, the Bankrate Monitor Index moved online and has since developed into a

Investopedia / Ryan Oakley What Is Bankruptcy? Bankruptcy is a legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations. The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. All of the debtor’s assets

What Is Bankruptcy Financing? Bankruptcy financing is another term for debtor-in-possession (DIP) financing, or the money a lender provides to a company going through a Chapter 11 bankruptcy reorganization. This money is used by a company to fund its operations while it goes through the bankruptcy process. Key Takeaways Bankruptcy financing refers to the cash